Home/Business/ Could Saudi Arabia replace all barrels lost from Iran sanctions?

Could Saudi Arabia replace all barrels lost from Iran sanctions?

Leticia Stanley |Wednesday, July 11, 2018

Iran's oil minister has hit back at Trump over production demands

The move by South Korea, one of Iran's main customers in Asia along with China and Japan, comes as it is in talks to seek an exemption from USA curbs on buying Iranian oil, in line with a waiver it received during previous sanctions, Reutersreported.

However, it has not produced more than 10.42 million bpd on an annual basis or 10.63 million bpd in a single month in the last 20 years.

He added that 1.2 million Iranian barrels a day were off the market the last time Iran was sanctioned, but that was possible because USA shale drilling was growing at a rapid pace, demand was lower and Libyan output had come back to the market to make up for some of the Iranian output.

BMI added that it was unclear that there will be a market for the additional barrels, and how sustainable that market would be.

Libya's national oil production fell to 527,000 barrels per day from a high of 1.28 million bpd in February following recent oil port closures, the head of the National Oil Corporation said in a statement on Monday. At the same time, other countries face higher energy prices.

However, it warned that this would leave the global market with less than 1 million bpd of capacity left to meet all other contingencies.

Polar fitness app leaks military personnel locations
Polar monitors heart rate, location , route, date and time of the training, the information can be shared on the social platform. What this is actually saying is that users have the option to mark their data as private via the user profile page in the app.

Iran's Opec governor Hossein Kazempour Ardebili was quoted in June as saying that oil prices could jump to $140 a barrel due to the United States sanctions against the country and Venezuela. So much can change in oil markets in the course of a few weeks.

Saudi Arabia has reported roughly similar production numbers to JODI, with output peaking at 10.72 million bpd in November 2016 (https://tmsnrt.rs/2NwQzpZ).

"Maximum production would require opening the chokes on existing wells and bringing previously shut-in wells back into service", Reuters added.

Domestic crude stocks have already fallen by 95 million barrels since their peak in October 2015, according to government data submitted to the JODI.

OPEC agreed in June on a modest increase in oil production starting in July after its leader, Saudi Arabia, persuaded arch-rival Iran to cooperate, following calls from major consumers to curb rising fuel costs. "So it appears the oil market has little confidence that Saudi can manage to reach and maintain 11mn b/d and raise exports proportionally without continuing to draw down its inventories further".

Facebook faces record fine over Cambridge Analytica scandal
Facebook also received a minor fine of $164,000 from French regulators for failing to meet the country's data protection rules. Facebook "will get a chance to respond to the proposed penalties before the ICO releases a final decision", Bloomberg reports.

Turkey's Erdogan unveils new cabinet
Hours later, Erdogan announced the make-up a new streamlined cabinet which included his son-in-law as finance minister. The lira fell 3.8 percent to 4.7488 per dollar, extending one of the biggest slides across emerging markets this year.

Ronaldo leaving Real Madrid to join Italian club Juventus
Ronaldo requested to be let go from Real Madrid , ESPN reports , but his old employers seem gracious about his departure. He also won four of his five FIFA Ballon d'Or awards while wearing a Real Madrid kit - in 2013, 2014, 2016, and 2017.

Dog on JetBlue flight given oxygen mask
Darcy was in her carrier under a seat when Burt noticed that the dog was pushing her head against the mesh opening. Michelle later wrote a thank you note to JetBlue in which she praised the actions of their flight crew.

Pogba dedicates France win to rescued Thai players
England's progress in Russian Federation has revived the Three Lions anthem - which includes the line "football's coming home". He's been showing us season in, season out, that he is among the best strikers in the Premier League .